
	Getting your loan locked down is just one aspect of getting into a new home. Pamela K. Stewart P.A. is experienced at helping new and experienced in all areas of real estate. Call us today at 407-923-2999 if your needs include a professional REALTOR^® ready for the business side of real estate.

Applying for a home loan in Winter Park

When purchasing a home, applying for the mortgage loan is demanding for most people, but it doesn't have to be. I have close working relationships with many lending companies in the Winter Park area, and they've helped me understand some things that will make the process of applying for a loan a snap.

1 – Create a list of questions about your loan program

If you find that you don't perfectly understand the advantages and disadvantages of the different financing options, make sure to have a list of questions with you. At times, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the rate, the mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who decide to float conclude that interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your rate

Oftentimes you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will assist you in determining if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for common questions you'll have to answer on a loan app.